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Financial Services (Banking Reform) Act 2013

Section 14: Discharge of functions by scheme manager

98.Sections 14 to 16 make provision in relation to the scheme manager of the financial services compensation scheme.

99.Section 14 inserts a new section 224ZA into FSMA to require the scheme manager to have regard to the need for efficiency and effectiveness in the way in which it discharges its functions. It must also have regard to the need to minimise public expenditure in relation to loans or financial assistance to the scheme manager. For example, the scheme manager would be expected to have regard to the need to ensure that the cost to the government of making a loan or providing other financial assistance to the financial services compensation scheme (such as a loan) is covered by repayments made by the scheme to the government.

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